Industrial Alliance Insurance and Financial Services and its Vancouver subsidiary Industrial Alliance Pacific Insurance and Financial Services, have launched a new life insurance product with guaranteed premiums called Life and Serenity 65.

According to Industrial Alliance, the new life insurance coverage will allow its clients age 40 to 60 to meet their life insurance needs if they experience a loss of independence. It provides an additional source of income to maintain quality of life in case of loss of independence.

The Life and Serenity 65 is whole life insurance that will provide clients of age 65, access to life insurance face amount if they are affected by Alzheimer’s, Parkinson’s, paralysis or loss of independent existence. Access to face amount is achieved through payment of a non-taxable monthly benefit equal to 1% of life insurance amount.

In addition, clients will no longer be required to pay premiums upon diagnosis of one of the covered medical conditions. And even if insured person’s monthly benefit payments deplete entire face amount, a death benefit equal to 25% of initial face amount will be paid to their heirs, so total benefit could be up to 125%.

Marie-Elaine Gaudreault, director of product development and training for individual insurance and annuities at Industrial Alliance, said: “Since more and more Canadians are affected by diseases such as Alzheimer’s and Parkinson’s, our clients are reassured that they can count on life insurance that also offers the possibility of maintaining their quality of life.”